11Plc, a major player in Nigeria’s midstream and downstream oil sector, has been applauded by stakeholders for consistently growing revenue by 53 percent in the financial year ended December 2022, as a result of investments in Liquefied Petroleum Gas (LPG), and other petroleum products, which yielded positive results for the company in the period under review.
The shareholders of 11Plc expressed this delight at the company’s 45th Annual General Meeting of the company held in Abuja recently.
According to the shareholders, investments of 11Plc in the Liquefied Petroleum Gas market, among others, were currently yielding positive results. They also expressed excitement about the company’s ability of the firm to grow its revenue by 53 percent, as well as the ability to pay dividends consistently despite the harsh economic realities in Nigeria.
Adetutu Siyanbola, Chairperson, of the Shareholders Association said, “The financial highlight of the company for the year ended December 2022 is quite impressive.
“It is gladdening to investors even in the face of the harsh economic realities in the nation. Particularly interesting to shareholders is the meteoric rise in the company’s revenue profile, jumping from N243,457,406 to N371,899,701, a leap of 53 percent.”
Siyanbola appreciated the firm for the annual dividend payout that was retained at N8.50k for the financial year ended December 31, 2022, but appealed to the board to raise it a bit to further put smiles on the faces of shareholders.
She also called for more youth empowerment, through the creation of employment opportunities for the millions of unemployed youths across the country.
Sani Babura, Managing Director, of Sani Yau Enterprises, in his remark, said that the financial report, as presented by the 11Plc board chairman, had vindicated the rising profile of the company since 2017 when the new investors acquired 60 percent majority stake of ExxonMobil shares in Mobil Oil Nigeria Plc.
He said the growth was not a fluke but a strategic action of the company’s management and board, through well-thought investments in both human and capital resources.
Babura said some of the investments that were gradually yielding fruits include the Liquefied Petroleum Gas plant, which was improving access to domestic cooking gas, and the re-entry into the aviation market.
He also expressed delight with the dividend offer for the year and confirmed that the dividend showed the proactive nature of the board, especially when taking into consideration the urgency of saving for a rainy day.
Augustine Ezechukwu, President, Capital Shareholders Association of Nigeria, said the communication between the company’s management and shareholders had improved.
He said the dissemination of information with respect to the operations and management of the company to shareholders had been timely, accurate, and continuous, as members of his association got the annual report for the year ended December 31, 2022, in good time.
Adetunji Oyebanji, Managing Director, 11Plc, on his part, said that the company would continually strive towards improving its investors’ interests through regular payment of dividends and better returns on investment.
He noted that the dividend policy was part of the plan to save for the rainy day, especially with the eventualities of subsidy removal on Premium Motor Spirit (PMS) popularly called petrol.
Oyebanji assured the shareholders that the company would look into the suggestion of creating job opportunities for Nigerian youth and assured them that 11Plc had an inspiring, bright, and fulfilling future in the midstream and downstream oil sector.
The 11Plc boss also stated that the oil firm would continue to work harder to improve its revenue profile to meet its shareholders’ yearnings.